© Reuters. FILE PHOTO: Container cranes are pictured at the Port of Singapore, June 10, 2018. REUTERS/Feline Lim/File Photo
SINGAPORE (Reuters) – Singapore’s economy expanded less than initially estimated in the second quarter, official data showed on Friday, as the city-state averted a recession.
Gross domestic product (GDP) grew a seasonally adjusted 0.1% quarter-on-quarter in April to June, the Ministry of Trade and Industry said, lower than the 0.3% growth seen in the government’s advance estimate.
“Singapore’s external demand outlook for the rest of the year remains weak,” MTI said in a statement.
On an annual basis, the economy expanded 0.5%, compared with the government’s advance estimate of 0.7% and first quarter growth of 0.4%.
MTI has narrowed its GDP growth forecast to “0.5 to 1.5%” from “0.5% to 2.5%” for this year, down from 3.6% in 2022.
This story originally appeared on Investing
